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Tastes

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This paper deals with the microeconomic theory of the consumer concentrating on the implications of tastes in the form of the utility function. The paper is selective in the treatment of the literature and highlights what I regard as important and derivations are omitted. There are a number of excellent sources that provide details of the approach, such as Deaton and Muellbauer (1980a), Theil (1980) and Wohlgenant (2021).

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  • Kenneth W Clements, 2023. "Tastes," Economics Discussion / Working Papers 23-01, The University of Western Australia, Department of Economics.
    • Handle: RePEc:uwa:wpaper:23-01
    Note: MD5 = f41cc3aad2f57471532c980353af6f47
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    File URL: https://ecompapers.biz.uwa.edu.au/paper/PDF%20of%20Discussion%20Papers/2023/DP%2023.01_Clements.pdf
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    References listed on IDEAS

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    1. Clements, Kenneth W. & Gao, Grace, 2015. "The Rotterdam demand model half a century on," Economic Modelling, Elsevier, vol. 49(C), pages 91-103.
    2. Sato, Ryuzo, 1977. "Homothetic and Non-Homothetic CES Production Functions," American Economic Review, American Economic Association, vol. 67(4), pages 559-569, September.
    3. Kenneth W. Clements, 2019. "Four Laws of Consumption," The Economic Record, The Economic Society of Australia, vol. 95(310), pages 358-385, September.
    4. Kenneth Clements & Yanrui Wu & Jing Zhang, 2006. "Comparing international consumption patterns," Empirical Economics, Springer, vol. 31(1), pages 1-30, March.
    5. Christensen, Laurits R & Jorgenson, Dale W & Lau, Lawrence J, 1975. "Transcendental Logarithmic Utility Functions," American Economic Review, American Economic Association, vol. 65(3), pages 367-383, June.
    6. Layard, R. & Mayraz, G. & Nickell, S., 2008. "The marginal utility of income," Journal of Public Economics, Elsevier, vol. 92(8-9), pages 1846-1857, August.
    7. Saroja Selvanathan & Eliyathamby Selvanathan, 2007. "Another look at the identical tastes hypothesis on the analysis of cross-country alcohol data," Empirical Economics, Springer, vol. 32(1), pages 185-215, April.
    8. Dixit, Avinash K & Stiglitz, Joseph E, 1977. "Monopolistic Competition and Optimum Product Diversity," American Economic Review, American Economic Association, vol. 67(3), pages 297-308, June.
    9. Robert A. Pollak, 1969. "Conditional Demand Functions and Consumption Theory," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 83(1), pages 60-78.
    10. Krugman, Paul, 1991. "Increasing Returns and Economic Geography," Journal of Political Economy, University of Chicago Press, vol. 99(3), pages 483-499, June.
    11. Easterlin, Richard A., 1974. "Does Economic Growth Improve the Human Lot? Some Empirical Evidence," MPRA Paper 111773, University Library of Munich, Germany.
    12. Clements, Kenneth W., 2008. "Price elasticities of demand are minus one-half," Economics Letters, Elsevier, vol. 99(3), pages 490-493, June.
    13. Deaton,Angus & Muellbauer,John, 1980. "Economics and Consumer Behavior," Cambridge Books, Cambridge University Press, number 9780521296762.
    14. R. C. Geary, 1950. "A Note on "A Constant-Utility Index of the Cost of Living"," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 18(1), pages 65-66.
    15. Terrence McDonough & Joseph Eisenhauer, 1995. "Sir Robert Giffen and the Great Potato Famine: A Discussion of the Role of a Legend in Neoclassical Economics," Journal of Economic Issues, Taylor & Francis Journals, vol. 29(3), pages 747-759, September.
    16. Hanoch, Giora, 1975. "Production and Demand Models with Direct or Indirect Implicit Additivity," Econometrica, Econometric Society, vol. 43(3), pages 395-419, May.
    17. Michael K. Wohlgenant, 2021. "Market Interrelationships and Applied Demand Analysis," Palgrave Studies in Agricultural Economics and Food Policy, Palgrave Macmillan, number 978-3-030-73144-1, August.
    18. Snow, Arthur & Warren, Ronald S., 2015. "Pigou’s Law and the proportionality of income and price elasticities of demand," Economics Letters, Elsevier, vol. 132(C), pages 136-138.
    19. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132-132.
    20. Rafael Di Tella & Robert MacCulloch, 2006. "Some Uses of Happiness Data in Economics," Journal of Economic Perspectives, American Economic Association, vol. 20(1), pages 25-46, Winter.
    21. Dougan, William R, 1982. "Giffen Goods and the Law of Demand," Journal of Political Economy, University of Chicago Press, vol. 90(4), pages 809-815, August.
    22. Eliyathamby A. Selvanathan & Saroja Selvanathan & Lucille Wong & Maneka Savithri Jayasinghe, 2021. "Modelling Regional Consumption Patterns in Australia," The Economic Record, The Economic Society of Australia, vol. 97(317), pages 141-156, June.
    23. Koenker, Roger, 1977. "Was Bread Giffen? The Demand for Food in England Circa 1790," The Review of Economics and Statistics, MIT Press, vol. 59(2), pages 225-229, May.
    24. Hillberry, Russell & Hummels, David, 2013. "Trade Elasticity Parameters for a Computable General Equilibrium Model," Handbook of Computable General Equilibrium Modeling, in: Peter B. Dixon & Dale Jorgenson (ed.), Handbook of Computable General Equilibrium Modeling, edition 1, volume 1, chapter 0, pages 1213-1269, Elsevier.
    25. W. M. Gorman, 1980. "A Possible Procedure for Analysing Quality Differentials in the Egg Market," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 47(5), pages 843-856.
    26. Deaton, Angus S & Muellbauer, John, 1980. "An Almost Ideal Demand System," American Economic Review, American Economic Association, vol. 70(3), pages 312-326, June.
    27. Deaton, Angus, 1974. "A Reconsideration of the Empirical Implications of Additive Preferences," Economic Journal, Royal Economic Society, vol. 84(334), pages 338-348, June.
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